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PNB net profit skyrockets by 145%, retail credit grows 14.6%, shares up 3%
Punjab National Bank (PNB) disclosed a huge 145% surge in net profit with reducing NPAs and growing core retail loan advances
Punjab National Bank (PNB) has released its financial results for the second quarter of the financial year 2024-25 on Monday, October 28, 2024.
The bank's net profit shot up by a staggering 145% to ₹4,303 crore compared to ₹1,756 crore during the second quarter of the financial year 2023-24.
The Net Interest Income (NII) increased to ₹10,517 crore from ₹9,923 during the previous year.
PNB's total retail credit increased by 14.6% Y-o-Y to ₹2,50,149 crore, with housing loans growing 19.5%, vehicle loans growing 25.0%, agriculture Advances growing by 11.1%, and MSME Advances increasing by 8.9%.
Meanwhile, the global Net Interest Margin (NIM) is now at 2.99% for the first half of the 2024-25, and 2.92% in the second quarter of 2024-25.
The Gross Non-Performing Assets (GNPA) ratio improved by 248 basis points (bps) to 4.48%, compared to 6.96% during the same quarter of the previous year while the Net Non-Performing Assets (NNPA) ratio improved by 101 bps to 0.46% from 1.47% earlier.
The bank's Return on Assets (RoA) improved to 1.02% from 0.46% earlier.
PNB's global business grew 11.93% to ₹25,20,246 crore from ₹22,51,631 crore during the same quarter of the previous year, with global deposits registering a growth of 11.33% on the same Y-o-Y basis to ₹14,58,342 crore from ₹13,09,910 crore earlier.
How did PNB's shares perform?
Punjab National Bank shares closed in the green at ₹98.65 on the Bombay Sock Exchange after the trading session ended on Monday, October 28, 2024. This was a gain of 2.85 points or 2.97%.
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